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Name: A hotel near the university always fills up on the evening before foot
Uploaded: 2024-03-20T07:07:12.000Z
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Description: A hotel near the university always fills up on the evening before football games. History has shown that when the hotel is fully booked, the number of last minutes cancellation has a mean of 5 and standard deviation of 3.3 The average room rate is $8

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A hotel near the university always fills up on the evening before football games. History has shown that when the hotel is fully booked, the number of last minutes cancellation has a mean of 5 and standard deviation of 3.3 The average room rate is $80. When hotel is overbooked, policy is to find a room in a nearby hotel and to pay for the room for the customer. This costs the hotel approx. $ 130. How many rooms should the hotel overbook? Assume normal distribution. Show your work.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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